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Decrease in Oil Rig Count and Guar Gum Prices Indicates Low Demand from US Oil and Gas Industry
Published on: Mar 04 2023, 03:43
As on 24th Feb ’2023, as per data released by Baker Hughes, the number of the oil rigs in the USA decreased by 7 to 600 as compared to the previous week at 607. At the same time, the guargum weekly prices went down by 5% at INR 12,100 as compared to 12,700 in the previous week. The recent correction in domestic guar gum prices in February indicates low demand from the US as its oil rig count is under correction.
- On Friday, the Guar seed Jodhpur delivery prices remained steady at INR 5,702 (Subscribers Only)240323
- On Thursday, the Guar seed Jodhpur delivery prices went marginally up by 0.6% at INR 5,702 (Subscribers Only)230323
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- On Friday, the Guar seed Jodhpur delivery prices went down by 1.9% at INR 5,565 (Subscribers Only)170323
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- Guar seed arrivals went down by approximately 50% to 18,407 qtl. during the week ending on 10th March 2023 (Subscribers Only)130323
- Bullish sentiments were observed in the Guar seed trading on Friday due to the improved market demand
- On Thursday, the Guar market traded with sideways sentiments
- Guar seed arrivals went up by 7.46% to 36,048 qtl. during the week
- Decrease in Oil Rig Count and Guar Gum Prices Indicates Low Demand from US Oil and Gas Industry
- As on 24th Feb ’2023, as per data released by Baker Hughes, the number of oilrigs in USA decreased by 7
- On Wednesday, the Guar seed Jodhpur delivery prices remained steady at INR 5,828
- Guar Seed and Gum Prices Expected to Remain Under Pressure Due to Muted Demand
- Low Demand for Guar Seeds in India Leads to a Bearish Trend in Guar Gum Market